The Industrial Strategy Challenge Fund

Public Accounts Committee Closed Inquiry
Opened: 1 Feb 2021 Closed: 28 Jun 2021 Parliament page
The Industrial Strategy Challenge Fund (ISCF) awards support for research and development projects under the four themes of the government’s Industrial Strategy: clean growth, the ageing society, the future of mobility and artificial intelligence & the data economy. It constitutes a significant part of a government commitment to spend £4.7 … Read more
9 Recommendations
12 Conclusions
1 Report
1 Oral session
3 Letters
1 Event
Activity timeline 6 events
23 Nov
2021
Correspondence
10 Sep
2021
Correspondence
2 Sep
2021
Report published
30 Apr
2021
Report published
22 Mar
2021
Correspondence
4 Mar
2021
Oral evidence
Oral evidence sessions 1 session
4 Mar 2021
View on parliament.uk
Industrial Strategy Challenge Fund
Jo Shanmugalingam · Department for Business, Energy and Industrial Strategy Professor Dame Ottoline Leyser DBE FRS · UK Research and Innovation (UKRI) Sarah Munby · Department for Business, Energy and Industrial Strategy
Title HC No. Published Items Response
Fifty-Sixth Report - Industrial Strategy Challenge Fund HC 941 30 Apr 2021 21 Responded
Recommendations & Conclusions
3 results
Clear
9 Conclusion Rejected
Fifty-Sixth Report - Industrial St…
The government has a target to increase the UK’s public and private investment in R&D...
The government has a target to increase the UK’s public and private investment in R&D to 2.4% of gross domestic product by 2027. The Fund contributes to this target.24 In 2018, the most recent year for which data are available, … Read more
Government Response
The government explicitly rejects the implied recommendation to aim above the 2.4% GDP target for R&D investment. They reaffirm their commitment to achieving the 2.4% target by 2027 through increased public investment and a forthcoming innovation strategy to leverage private sector funds.
HM Treasury
View details
10 Recommendation Rejected
Fifty-Sixth Report - Industrial St…
In 2019, the Department announced that to achieve government’s target of 2.4% both public and...
In 2019, the Department announced that to achieve government’s target of 2.4% both public and private R&D investment would need to rise to around £60 billion.26We asked witnesses how, and by when, it was going to increase funding to meet … Read more
Government Response
The government disagrees with the recommendation to detail how and when funding will increase to meet the 2.4% R&D target, stating it has already committed to raising public investment and is developing an innovation strategy, with further plans to be set out in Spending Review 2021.
HM Treasury
View details
11 Conclusion Rejected
Fifty-Sixth Report - Industrial St…
UKRI considered that meeting the target as very challenging but also described it as plausible...
UKRI considered that meeting the target as very challenging but also described it as plausible if it could, for example, maintain the momentum the Fund had generated around private investment. It asserted that having an ambitious target was important “otherwise, … Read more
Government Response
The government disagrees with the Committee's implied concern regarding the feasibility of the R&D spending target, stating its commitment to increasing R&D investment to 2.4% of GDP and outlining ongoing efforts, including a forthcoming innovation strategy, to achieve this goal.
HM Treasury
View details
Government Response AI assessment · 21 of 9 classified
Accepted 9
Acknowledged 4
Deferred 1
Not Addressed 4
Rejected 3
Total 9 recs + 12 conclusions
Correspondence 3 letters
23 Nov 2021 Correspondence from Sarah Munby, Permanent Secretary, Department for Business, Energy & Industrial Strategy, re Fifty-Sixth Report of Session 2019-21: Industrial Strategy Challenge Fund (ISCF), 3 November 2021
Parliament page
10 Sep 2021 Correspondence from Sarah Munby, Permanent Under-Secretary of State, Department for Business, Energy and Industrial Strategy, re Fifty-Sixth Report of Session 2019-21: Industrial Strategy Challenge Fund (ISCF), dated 29 July 2021
Parliament page
22 Mar 2021 Correspondence from Sarah Munby, Permanent Secretary, Department for Business, Energy and Industrial Strategy, re Response to the Committee regarding 04 March Industrial Strategy Challenge Fund Public Account Committee hearing, dated 18 March 2021
Parliament page